BEIJING, Aug. 31 -- The Asian Infrastructure Investment Bank (AIIB) President Jin Liqun welcomed Canada's decision to apply for AIIB membership on Wednesday, according to a press release.

Canadian Finance Minister Bill Morneau announced at a press conference in Beijing on Wednesday that Canada had decided to apply for membership to the development bank.

The AIIB was officially established on Dec. 25, 2015 and started operation on Jan. 16 this year.

Finance Minister Lou Jiwei was elected the first chairman of the AIIB board of governors, and Jin Liqun its president.

Headquartered in Beijing, it has 57 founding members, with more waiting to join.

With authorized capital of 100 billion U.S. dollars, the AIIB will initially prioritize investment in energy, power generation, transportation, rural infrastructure, environmental protection and logistics in Asia.

The AIIB followed more than two years of preparations by China and other founding members since Chinese President

publicly proposed the initiative.

Following are significant events and remarks about the AIIB.

2013

October -- Xi proposes the AIIB as an institution that will finance infrastructure construction, and promote regional connections and economic integration in his speech at the Indonesian House of Representatives in Jakarta.

2014

Oct. 24 -- Twenty-one Asian countries ink a memorandum of understanding in Beijing on establishing the AIIB.

2015

March 12 -- Britain applies to join the AIIB as a prospective founding member.

March 24 -- Premier Li Keqiangstresses that the AIIB will cooperate with and be complementary to existing financial institutions. The AIIB will take an open and inclusive attitude, he underscored at a meeting with Asian Development Bank president Takehiko Nakao.

March 28 -- In his keynote speech at the Boao conference, Xi said, "We will vigorously promote a system of regional financial cooperation, explore a platform for exchanges and cooperation among Asian financial institutions, and advance complementary and coordinated development between the AIIB and multilateral financial institutions such as the Asian Development Bank and the World Bank."

March 31 -- The deadline for founding member applications. Countries and regions are still able to join after this, but only as common members.

May 22 -- Negotiators from the 57 countries agree on a key framework for the bank, with the signing scheduled for the end of June in Beijing.

June 29 -- Delegates of the 57 countries attend the signing ceremony of the articles of agreement. Xi says that China will make its due contribution to the world by building a professional, efficient and clean multilateral bank with the founding members.

Oct. 18 -- In a written interview with Reuters in advance of a state visit to Britain, Xi says the AIIB has taken best practice from existing financial institutions and also made its own advances. The AIIB is an international financial institution whose rules of operation are decided by its members through consultation, not by China alone, he stresses.

Dec. 25 -- The AIIB is formally established in Beijing after its Articles of Agreement come into effect.

2016

Jan. 16 -- The inaugurating ceremony of the AIIB is held in Beijing.

Feb. 5 -- The AIIB appoints five vice presidents with experience of developed and emerging economies as well as multilateral institutions: Danny Alexander, Kyttack Hong, D.J. Pandian, Joachim von Amsberg, Luky Eko Wuryanto.

June 24 -- The AIIB board of directors approves its first four loans, totalling 509 million U.S. dollars, which will finance four projects including three co-financing projects with multilateral development bank partners.

The AIIB board of directors authorized a project preparation special fund. A detailed report on the implementation of the 2016 Business Plan and Budget was discussed by the directors.

June 25 -- Finance Minister Lou Jiwei signed a donation agreement with AIIB President Jin Liqun, confirming that China will donate 50 million U.S. dollars to an AIIB special fund.

Aug. 31 -- Canadian Finance Minister Bill Morneau announced in Beijing that Canada has decided to apply for membership to the AIIB.